A method and storage and locking arrangement for storing keys to locks and controlling the use of keys. The storage and locking arrangement consists of a closed box or a similar storage unit, a central lock and its key, as well as a number of auxiliary locks, each having its designated key. The locks are arranged in a closed box or similar storage unit so that they can be unlocked using keys from the outside of the box. The central lock is arranged to control the operation of the auxiliary locks so that when the central lock is locked, it prevents the keys to the auxiliary locks from being removed from their respective locks, and once the central lock is unlocked, it can be used to select the operation of any single auxiliary lock at a time using the corresponding key so that the key to the auxiliary lock can be removed from the auxiliary lock.